AmeriMark secures final approval of $48 million DIP revolver

By Sarah Lizee

Olympia, Wash., May 10 – AmeriMark Interactive, LLC received final approval of a $48 million senior secured super-priority debtor-in-possession revolving credit facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The DIP loan is with prepetition term agent SLR Credit Solutions, which previously acquired 100% of PNC Bank, NA’s positions under the prepetition credit agreement and the DIP credit agreement.

Now that the final order has been entered, the remaining outstanding amount under the prepetition revolver will be rolled up on a cashless dollar-for-dollar basis into loans under the DIP facility.

Interest on the DIP facility is equal to the base rate plus 475 basis points.

The DIP facility is set to mature on May 30.

AmeriMark is a Cleveland-based direct marketer of women's apparel, shoes, cosmetics, fragrances, jewelry, watches, accessories and health-related merchandise. The company filed bankruptcy on April 11 under Chapter 11 case number 23-10438.

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